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Big Data refers to any dataset that is too large to store, process or analyze using traditional database software and hardware. Big Data can have a significant impact on all aspects of the pharmaceutical and healthcare sector, and companies are making large investments in technology in order to leverage it more effectively. It can be used to address problems within the healthcare industry, such as the rising costs of developing a single drug, which is currently estimated at $2.6 billion, and the $1 trillion of healthcare spending in the US that has been labeled as ‘waste’.

The ‘Three Vs’ of Big Data: Volume, Velocity and Variety

The reasons why large quantities of complex and heterogeneous healthcare data often cannot be managed by conventional methods are described in the above figure. These characteristics are typically referred to as the ‘three Vs’ of Big Data. Big Data is no longer an abstract concept that could provide benefits in the future. It exists now, and is already providing competitive advantages for a variety of organizations. As such, companies that ignores its potential risk falling behind their peers in our increasingly data-intensive world.